Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 6

Buy or sell stocks for today: Following the bloodbath in the global markets, the Indian stock market crashed heavily on Monday. The Nifty 50 index tanked 667 points and closed at 24,049. The BSE Sensex crashed 2,222 points and finished at 78,759. The Bank Nifty index nosedived 1,294 points and closed at 50,056. The small-cap index crashed 4.21 percent, while the mid-cap index bled 3.60 percent.

Vaishali Parekh's stock recommendations today

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that heavy selling in the Indian stock market took place due to weak Asian markets coupled with geo-political tension in the Middle East. The Prabhudas Lilladher expert said the Nifty 50 index has crucial support at 23,700. If it breaches this support, the outlook for the Indian stock market will further weaken.

Regarding stocks to buy today, Vaishali Parekh recommended buying three buy-or-sell stocks: Dabur India, Alkem Laboratories, and Tata Consumer.

Stock market today

On the outlook of the Nifty today, Vaishali Parekh said, “Nifty plunges heavily on the back of weak global cues, especially from Asian markets, coupled with geo-political tensions in the Middle East, weakening the bias and sentiment significantly. The index has the crucial and important support of the 23700 zone, which, if broken, shall trigger further selling pressure, weakening the overall trend.”

"The Bank Nifty index opened on a weak note below the significant 50EMA level of 51,000 and breached below the 50,000 zone during the intraday session, with bias weakened. It has the next crucial support level of the 100-period MA at the 49,500 zone," said Parekh.

Parekh added that immediate support for Nifty today is placed at 23,900 while the resistance is seen at 24,200. The Bank Nifty would have a daily range of 49,500 to 50,600.

Vaishali Parekh's stocks to buy today

1] Dabur India: Buy at ₹634, target ₹665, stop loss ₹620;

2] Alkem Laboratories: Buy at ₹5314, target ₹5560, stop loss ₹5200; and

3] Tata Consumer: Buy at ₹1199, target ₹1248, stop loss ₹1174.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.